ACC - 101 8. At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Auto Repairs Service was $22,300. Credit sales for the year were $515,000.(11 points) Required: Make the necessary adjusting entry (December 31, 20XX) in general journal form under each of the following assumptions. 1.Allowance for Bad Debts has a credit balance of $870. a. The percentage of sales method is used, and bad debt expense is estimated to be 1.0% of credit sales. b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $1,580 in uncollectible accounts